Obtaining a Mortgage as a Nonresident DR Citizen

[Ecoman1949]

Rent! You’ll thank me later...

I hear you and I’ve been torn between the two for many years now. I don’t expect to make a profit on any place I buy. Might even lose money on it. At best, I will get to enjoy it for many years to come. At worst, I’ll die sooner than expected and it will be a legacy for my nieces and nephews. Many have been to the DR and they love it.

 

[johne]

The mortgage was a Canadian one. 1.75% for 5 year variable. 1.99% 5 year closed. Money is cheap here amigo and will continue to be for the foreseeable future. Cant compare it to a DR loan or mortgage.

I looked at the option of a small Canadian TD bank mortgage applied against my home here to buy a place in the DR. Easily paid off in five years. I’m making a lot more interest on my investments
(up to 9 %) so it doesn’t make sense to touch them.

The other option is sell my place, rent an apartment here to maintain my link to Canada and pay cash for a DR casa. Still wouldn’t need to touch my investments. I haven’t had a mortgage in 25 years so it kinda goes against the grain at my age.

I’m not looking for a massive villa. Only me and any potential femme du jours. Lots of condos and small villas for sale in Costambar at decent prices. One condo, in particular, owned by a Canadian couple and they are willing to negotiate with me because they need to sell it for medical reasons.

Or "another" option: Sell your place in Can. Buy a very small condo in Can. with the money and rent it out. You get the tie to Can and rental income. (I mean SMALL place...very few bucs). Then move on to your plan in DR with rental apt. The net to you is you get everything you want and never touch the 9%. and probably a little cash left over.
I have personal knowledge that is works . LOL

 

[junglemonkey]

Current mortgage rates in the DR ARE BETWEEN 5.95 -7% with 40% down payment required. Current personal loans are 8-11 % . The process is pretty similar to North America , just in spanish.

Those low rates are for a few months or maximum a year if they exist....after a year they will hit the roof. 3 year 5 year etc rates are all start at 12-13% you can have them fixed or get a point lower but variable. This was from banreservas and banco popular over the weekend they dont have anything lower than 9% and that is for a year only

 

[JD Jones]

Or "another" option: Sell your place in Can. Buy a very small condo in Can. with the money and rent it out. You get the tie to Can and rental income. (I mean SMALL place...very few bucs). Then move on to your plan in DR with rental apt. The net to you is you get everything you want and never touch the 9%. and probably a little cash left over.
I have personal knowledge that is works . LOL

^This^
I know a few people who have done this. They can almost survive what they receive for rent every month.

 

[bob saunders]

Those low rates are for a few months or maximum a year if they exist....after a year they will hit the roof. 3 year 5 year etc rates are all start at 12-13% you can have them fixed or get a point lower but variable. This was from banreservas and banco popular over the weekend they dont have anything lower than 9% and that is for a year only

Really, I have a three loan at 8 % fixed for the three years at BHD.

^This^
I know a few people who have done this. They can almost survive what they receive for rent every month.

I rent my place in Canada for 2200 per month. Even with the weak Canadian dollars I still have more than I require to live off. I actually don't use it other than a money reserve for family.

 

[bob saunders]

Those low rates are for a few months or maximum a year if they exist....after a year they will hit the roof. 3 year 5 year etc rates are all start at 12-13% you can have them fixed or get a point lower but variable. This was from banreservas and banco popular over the weekend they dont have anything lower than 9% and that is for a year only

Did you read the post #86 by Tee?

 

[Radical]

Really, I have a three loan at 8 % fixed for the three years at BHD.

I could bid your loan is a personal loan and not a mortgage, and even as a personal loan I find it rather estrange; you must be the luckiest person to find such a bargain fixed for 3 years?

Highly doubt it.

 

[bob saunders]

I could bid your loan is a personal loan and not a mortgage, and even as a personal loan I find it rather estrange; you must be the luckiest person to find such a bargain fixed for 3 years?

Highly doubt it.

I don't have a mortgage loan anywhere. Doubt it all you want, it won't change the facts. My wife has been a client at BHD for 25 YEARS, and me since 2010. Both of us have high balances in both Pesos and dollars, plus are commercial customers. Banks treat good clients well., and my wife is an ex-employee and knows many higher ups. Perhaps you know less than you think you do.

 

[Radical]

I don't have a mortgage loan anywhere

Then don't try to disguise the interest of a personal loan (you just posted about it above) you might or might not have with the talks of mortgage rates and fixed terms.

hose low rates are for a few months or maximum a year if they exist....after a year they will hit the roof. 3 year 5 year etc rates are all start at 12-13% you can have them fixed or get a point lower but variable. This was from banreservas and banco popular over the weekend they dont have anything lower than 9% and that is for a year only

You replied to this specific post.

Really, I have a three loan at 8 % fixed for the three years at BHD.

With this

Some of us do live here and have for years; we also do understand the country very well. With all due respect, no need for a Dominican wife to get to know these subjects.

I've asked you to post specifics, you have not, only "hear say."

 

[bob saunders]

Then don't try to disguise the interest of a personal loan (you just posted about it above) you might or might not have with the talks of mortgage rates and fixed terms.



You replied to this specific post.



With this

Some of us do live here and have for years; we also do understand the country very well. With all due respect, no need for a Dominican wife to get to know these subjects.

I've asked you to post specifics, you have not, only "hear say."

Don't go away mad, just go away.

 

[Radical]

Don't go away mad, just go away.

Thinking out loud?

I'll be here to provide an accurate rebuttal for every nonsense word you write as reply, though; I'll stand back and give you credit for any correct information.

Post tangible facts, stop spreading rumors, and for the love of God, (with all due respect, again) just because your wife is Dominican doesn't mean whatever you write is spot on.

You have yet to provide concrete information about mortgages options, interest rate, and fixed terms longer than 2 to 3 years available in the DR?

 

[bob saunders]

Thinking out loud?

I'll be here to provide an accurate rebuttal for every nonsense word you write as reply, though; I'll stand back and give you credit for any correct information.

Post tangible facts, stop spreading rumors, and for the love of God, (with all due respect, again) just because your wife is Dominican doesn't mean whatever you write is spot on.

You have yet to provide concrete information about mortgages options, interest rate, and fixed terms longer than 2 to 3 years available in the DR?

You have all that experience but here you are online asking . Tee gave you the information from SCOTIABANK, is that not enough for you.

 

[Yourmaninvegas]

You have all that experience but here you are online asking .

You right about that my man.

Please cut and paste any Dominican bank offering home loans with fixed rates longer than 12 months, any?

I'll be interested myself, thanks

Here he is asking.
Does not seem like all those years of living here and knowledge of the country is doing much for him on this issue.
Here you are stepping up to help the man and he is completely ungrateful.
You are a better man than I am.
I wouldn't bother.

Let us hope he posts up some information that others can use
Instead of just complaining about information others post that he has not use for.

I do not have anything to add about the subject matter.
Just making a observation.
I do not need a home loan of any length.
Or at any interest rate.
Is that because my long
O cuz I b reppin EAST SIDE

 

[NanSanPedro]

O cuz I b reppin EAST SIDE

In a deeeeeeelux apartment in the sky?

 

[bob saunders]

In a deeeeeeelux apartment in the sky?

My wife has several relatives living in East Santo Domingo, Alma Rosa, San Esidro, and another location I dont know the name of . All very nice houses in decent neighborhoods.

 

[Radical]

You have all that experience but here you are online asking . Tee gave you the information from SCOTIABANK, is that not enough for you.

I am humble enough to ask for information I may not have or may just help me, and do not pretend to know it all, specially when one isn't privy of such data.

The poster Tee did indeed provide a pamphlet with a concrete offer (see, he did post useful and solid information, you have yet to post anything verifiable) which by direct talks with Scotia Bank isn't available at those rates (and it was just for 2 years fixed) any longer, I personally inquired about them..

I've challenged your statements to which you alluded that mortgages rates in the DR were available just as the USA and Canada with fixed rates from 5% to 7%. I will ask you again, where, what bank(s) are these rates you have mentioned currently available?

 

[PICHARDO]

I am humble enough to ask for information I may not have or may just help me, and do not pretend to know it all, specially when one isn't privy of such data.

The poster Tee did indeed provide a pamphlet with a concrete offer (see, he did post useful and solid information, you have yet to post anything verifiable) which by direct talks with Scotia Bank isn't available at those rates (and it was just for 2 years fixed) any longer, I personally inquired about them..

I've challenged your statements to which you alluded that mortgages rates in the DR were available just as the USA and Canada with fixed rates from 5% to 7%. I will ask you again, where, what bank(s) are these rates you have mentioned currently available?

Where? All over the DR
What banks? Take your pick
Rates? They can go from fixed 5% to VAPR depending on amount on loan and your financials.
There’s no one size fits all mortgage rate in the DR. Each loan action is individually ascertained by each bank.
What you ask here, you need to sit at each bank you may want to do biz with in the DR. Always best starting with banks you already do biz with.

This ain’t Kansas...

Loans with strong collaterals can be had with fixed and low rates. Fixed rates over 6 years are very scarce but available to you, again based on financials.

Collaterals of 60/40 are preferred but they do work with 50/50 as well.

I have unsecured LOCs with several DR banks after decades of relationships.
Bought plots of land and build with 90% bank’s money.
The best deals they can give you if a developer, they will sell the units for you via their own bank system and advertising.

The best model they have is the one which pre-sells the units prior to starting construction.

 

[Yourmaninvegas]

In a deeeeeeelux apartment in the sky?

damn straight bro

 

[Radical]

Where? All over the DR
What banks? Take your pick
Rates? They can go from fixed 5% to VAPR depending on amount on loan and your financials.

Read again; fixed rates longer than 2 to 3 years, with interest between 5% to 7%

The rates by banks are always variable after the first 3 to six years. The interest is high and not worth to pay if you can afford your own way.

This is you

mortgages rates in the DR were available just as the USA and Canada with fixed rates from 5% to 7%.

This is me

 

[Yourmaninvegas]

Can somebody get the Radical without a mortgage the information he needs

Either that or he bends the mortgage market with his mind to fit his financial needs.

My recommendation is to pay cash bro if you don't like the terms being offered.

You dig